Risk on Chinese demand
- Oil
- January 11, 2021
Brent prompt contract reached 56 $/b on Friday close for Brent prompt contract thanks to the aggressive Saudi production cut announced last Tuesday. Prices retreated to 55.2 $/b on early Monday as mounting coronavirus cases in China led to lockdowns in regions near Beijing, casting doubt on the future Chinese demand growth if reported cases were to skyrocket. Furthermore, European countries are moving toward more stringent policies for fighting the pandemic, as the new strain of coronavirus challenges European recovery. Middle-eastern producers moved toward a more aggressive pricing policy, taking advantage of Saudi production cuts. Kazakhstan’s production compliance was marginally below target, at 96%, in December.
Share this news :
You might also read :
March PMIs generally came out better than expected, particularly in the US where they were up sharply in both manufacturing and services. This probably helped (in…
November 15, 2021
Mixed price evolution
European gas prices were mixed on Friday, torn between lower Norwegian supply, hopes of higher Russian flows and the additional easing in global coal markets.…
June 20, 2022
Prices weakened as the impact of the sharp drop in Nord Stream 1 flows started to fade
European gas prices dropped on Friday as the impact of the sharp drop in Nord Stream 1 flows started to fade. Moreover, as we explained…
Subscribe to our newsletter